San Diego Trust Bank Reports Strong Third Quarter Results
Bank Rapidly Approaching Profitability - Assets Top $50 million
SAN DIEGO - San Diego Trust Bank (OTC BB: SDBK) reported results for its third full quarter of operations since opening late last year. As of September 30, 2004, the Bank reported total assets of $53.6 million, up significantly from the $40.3 million reported for the previous quarter. Total deposits, fueled primarily by growth in non-interest checking and money market accounts, increased $13.4 million during the quarter, and totaled $43.7 million as of 9/30/04. Likewise, the Company continued to experience strong loan growth with Gross Loans totaling $30.2 million as of September 30th.
The Bank has consistently trimmed its losses each and every month and is rapidly approaching profitability - something most new banks hope to accomplish in two or three years. In September, which represented the Company's eleventh month of operation, the Bank recorded a net operating loss of $16,000, down substantially from the monthly operating loss of $138,000 reported in January of this year.
"We've made great strides in a relatively short amount of time, commented Michael Perry, President and Chief Executive Officer. The Bank's consistent growth in loans and deposits coupled with prudent management of our expenses has resulted in much better than expected results on the earnings front. Each and every person on our team is executing brilliantly and the results reflect their collective efforts," he further added.
The Bank reported an operating loss of just $80,000 for the entire quarter ending 9/30/04. This figure was a fraction of the previous quarters' operating loss of $215,000. Net operating losses for the first nine months of the year totaled $599,000. Net operating income (loss) is defined as net income after operations, but before loan loss provisions.
The Company reported a net loss for the third quarter of $148,000, down considerably from the net loss of $382,000 reported in the previous quarter. The Bank's net loss for the nine months ending 9/30/04, after provisions for loan losses of $345,000 totaled $944,000. Most impressive is the fact that such results were generated while operating in the lowest interest rate environment this economy has seen in the last four decades.
"We're ahead of plan on all fronts and continue to make great progress in our efforts to create the premier performing bank in our market, exclaimed Larry Willette, Chairman of the Board. The Bank's stellar performance is a tribute to the exceptional efforts of our staff, the dedication of our Board, and the tremendous support provided by our loyal shareholders," he further added.
Founded by several of San Diego's most respected banking veterans and business leaders, San Diego Trust Bank is dedicated to the timeless principles of superior local market knowledge, unparalleled service, and building exceptional shareholder value. With over three hundred years of experience in banking San Diegans, timely local decision making, and one of the most comprehensive product lines found in the market today, San Diego Trust Bank delivers "Performance You Can Trust."
For more information on the Bank please visit www.sandiegotrust.com or call (619) 525-1700.
CONTACT: Michael Perry
Certain statements in this press release, including statements regarding the anticipated expansion of the Bank's business, and the intent, belief, or current expectations of the Bank, its directors or its officers are "forward-looking", statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the local economy, the Bank's performance, regulatory matters and those discussed in filings by the Bank with various regulatory agencies.